Clinical Decision Support System Market to Reach US$ 2.3 Billion By 2031 With CAGR of 8.8% | Finds TMR
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The global clinical decision support system market was valued over US$ 523.8 Mn in 2016 and is projected to witness cumulative annual growth rate (CAGR) of over 11% from 2017 to 2025 to surpass the value of US$ 1,318.4 Mn by 2025. The global market is witnessing relatively higher growth owing to increasing digitization of medical practices, high healthcare IT budgets and rise in demand for chair time optimization in developed markets.
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The demand in the global clinical decision support system market has been on the rise in recent years. The development of the market can be primarily attributed to the growing need for providing enhanced and improved point of care services. The leading companies in the global clinical decision support system market are in constant tussle to provide innovative solutions for improving the overall quality of their products.
Moreover, these established players in the global clinical decision support system market have had great success by joining hands with the prominent selling entities. Thus, it is expected that the overall revenue index of the leading companies in the global clinical decision support system market would considerably improve in the coming years.
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Drug Database and Diagnostic Decision Segment to Continue Dominating Market
In terms of application, the global clinical decision support system is segmented into drug databases, care plans, diagnostic decision support, disease reference, others. The drug database and diagnostic decision segment is dominated the global market and is likely to maintain its dominance by the end of 2025 with marginal increase in its market share.
Increasing adoption of digital platforms by the younger population for appointment scheduling, creating alert system by physicians & nurses, value added features provided by the patient management and billing applications such as paperless patient data recording and storage, e-billing and insurance claiming etc. has led to prominent share of the segment in global market. Based on usage based, the clinical decision support system market is segmented as knowledge-based systems, expert laboratory information system, and machine learning systems.
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Asia Pacific Expected to Present Highly Promising Growth Opportunities
In terms of geographical segmentation, the global clinical decision support system market is divided into five major regions. These are North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Of these, currently the global market for clinical decision support system is dominated by the North America region. The growth of the regional segment is primarily driven by the highly developed and technologically advanced treatment and research platforms for the diagnosis of diseases.
In addition to this, the availability of favorable reimbursement policies are also helping the North America market to grow at a considerable pace. Furthermore, the rapid development of the Canadian healthcare infrastructure, growing adoption of advanced IT solutions across the healthcare institutes all over the North America region are also some of the other important factors that are driving the growth of the regional segment.
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On the other hand, the regional segment of Asia Pacific is expected to be the fastest growing segment of the global clinical decision support system market. The growth of the region is primarily attributed to the presence of emerging economies such as India and China, who are willing to spend heavily on the overall development of their domestic healthcare infrastructure. China in particular is projected to showcase a promising growth over the course of the given forecast period.
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